Industry-Innovation-and-Competitiveness-Agenda

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Co In Industry Innovation and Competitiveness Agenda TPO00007 Contents Foreword..................................................................................................................................III Executive Summary................................................................................................................iv PART A: THE CASE FOR REFORM................................................................................................ 1 Opportunities and challenges in the global economy.............................................................. 2 Australia has succeeded by playing to our strengths and through economic reform.............. 6 Many industries have bright prospects.................................................................................... 8 To compete with the best in the world, Australia must do more........................................... 14 The Government is taking a comprehensive approach to economic reform......................... 18 PART B: THE REFORM AGENDA................................................................................................ 21 Ambition 1: A lower cost, business friendly environment...................................................... 27 Ambition 2: A more skilled labour force................................................................................. 45 Ambition 3: Better economic infrastructure........................................................................... 61 Ambition 4: Industry policy that fosters innovation and entrepreneurship........................... 68 PART C: IMPLEMENTING OUR ECONOMIC ACTION STRATEGY............................................. 83 Implementing the Competitiveness Agenda.......................................................................... 85 ABBREVIATIONS.......................................................................................................................... 92 REFERENCES................................................................................................................................ 94 ii Industry Innovation and Competitiveness Agenda
Foreword Strengthening Australia’s competitiveness is the key to our future prosperity. Australia has experienced 23 years of economic growth. Over the last three decades the value of our exports has risen four-fold. Exports now represent one dollar in every five of national income. However, our success should not be an excuse for complacency. Commodity prices have fallen from their peak in 2011; the deterioration of Government finances since 2008 has made Australia a borrower rather than a lender; our population is ageing; and multifactor productivity has been flat for a decade. Our proximity to the fastest growing region in the world not only allows access to an untold number of customers; it also means proximity for suppliers and competitors to our market. Our competitors are cutting taxes, reducing compliance costs, building infrastructure and reining in government expenditure. We need do likewise if we are to compete with them. Improving Australia’s competitiveness is a central part of the Government’s Economic Action Strategy to build a strong, prosperous economy and a safe, secure Australia. We’ve already scrapped the carbon tax and mining tax; removed more than 10,000 pieces of unnecessary legislation and regulations; established one-stop shops for environmental approvals; commenced the largest infrastructure construction programme in Australian history; and signed free trade agreements with Japan and Korea. This is just the start—because job creation, growth and competitiveness need constant attention. The guiding principle of the Government’s Industry Innovation and Competitiveness Agenda is to focus on Australia’s strengths, not to prop up poor performers. The Agenda has drawn on the insights of my Business Advisory Council and other experts. The Agenda sets out four ambitions that Australia must pursue: 1. a lower cost, business friendly environment with less regulation, lower taxes and more competitive markets; 2. a more skilled labour force; 3. better economic infrastructure; and 4. industry policy that fosters innovation and entrepreneurship. This Agenda is an integral step along the path of economic growth and prosperity. I welcome the debate this paper will foster. Improving Australia’s competitiveness is essential in building the stronger economy that we all want. Industry Innovation and Competitiveness Agenda In Co The Hon Tony Abbott MP Prime Minister of Australia TPO00007 Executive Summary iii
Page 1 and 2: Industry Innovation and Competitive
Page 3: Industry Innovation and Competitive
Page 7 and 8: The Government’s economic vision
Page 9 and 10: Box 1: Key Initiatives • Encourag
Page 11 and 12: Ambition 1: A lower cost, business
Page 13 and 14: y improving regulatory certainty, t
Page 15 and 16: Ambition 2: A MORE SKILLED LABOUR F
Page 17 and 18: ecommendations of an Independent In
Page 19 and 20: Ambition 3: BETTER ECONOMIC INFRAST
Page 21 and 22: Ambition 4: INDUSTRY POLICY THAT FO
Page 23 and 24: Part A THE CASE FOR REFORM
Page 25 and 26: Chart 1: The growth of emerging Asi
Page 27 and 28: The changing global economic landsc
Page 29 and 30: Chart 5: Overseas investment 2,500
Page 31 and 32: United States, Japan and the United
Page 33 and 34: Box A1: Industries with promise 1.
Page 35 and 36: 6. Innovative pharmaceuticals, biot
Page 37 and 38: Many of our competitors have recogn
Page 39 and 40: • Better management practices - w
Page 41 and 42: including on Energy, Taxation, Agri
Page 43 and 44: Part B THE REFORM AGENDA
Page 45 and 46: competition with private businesses
Page 47 and 48: More generally, while there is a ca
Page 49 and 50: Ambition 1: A lower cost, business
Page 51 and 52: The Government’s Deregulation Age
Page 53 and 54: Further Proposals Proposal 1: Accep
Page 55 and 56:
whether coverage by a single nation
Page 57 and 58:
The Government is committed to a be
Page 59 and 60:
Improving access to high-quality, l
Page 61 and 62:
services and technology. These alig
Page 63 and 64:
The Government considers that Austr
Page 65 and 66:
The Government is focused on promot
Page 67 and 68:
Ambition 2: A more skilled labour f
Page 69 and 70:
A number of the other themes raised
Page 71 and 72:
Vocational education and training t
Page 73 and 74:
Further proposals Proposal 9: Incre
Page 75 and 76:
• managing the administration of
Page 77 and 78:
The Government will continue to ens
Page 79 and 80:
• introduce a Premium Investor vi
Page 81 and 82:
a right to access workplaces includ
Page 83 and 84:
Ambition 3: BETTER ECONOMIC INFRAST
Page 85 and 86:
Increasing public investment in eco
Page 87 and 88:
Alongside this work, the Government
Page 89 and 90:
To leverage private investment, the
Page 91 and 92:
Austrade provide reliable informati
Page 93 and 94:
and senior Cabinet Ministers to pri
Page 95 and 96:
• taking practical steps with gov
Page 97 and 98:
However, we face challenges in turn
Page 99 and 100:
Employee Share Schemes (ESS) are us
Page 101 and 102:
Example: Making it easier for emplo
Page 103 and 104:
Proposal 16: Crowd-sourced equity f
Page 105 and 106:
PART C: IMPLEMENTING OUR ECONOMIC A
Page 107 and 108:
Many of the drivers of competitiven
Page 109 and 110:
Table 3: Consultation pathways Refo
Page 111 and 112:
Reform Consultation pathway Project
Page 113 and 114:
Abbreviations AND References
Page 115 and 116:
INSEAD KPMG LNG PAYG NCC NCVER NICN
Page 117 and 118:
ABS. (2014j). Labour Force, Detaile
Page 119 and 120:
Business Council of Australia. (201
Page 121 and 122:
Department of Infrastructure and Re
Page 123 and 124:
Lignier, P., Evans, C., & Tran-Nam,
Page 125 and 126:
Prime, P. B. (2012). Utilizing FDI
Page 127 and 128:
United Nations Food and Agriculture
Page 129 and 130:
© Commonwealth of Australia 2014 9
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Co In Industry Innovation and Compe
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